Is refinancing a good idea?

Question

Accepted Answer

Refinancing isn't for everyone. Always look at the big picture to determine if you have a good reason to refinance. Check how much refinancing will cost, how much you will save and if it's worth it. If you don't have a good credit score, a low debt-to-income ratio or enough equity in the home, you may want to wait.

It's also vital to determine your break-even point or when your refinance savings will make up the closing costs to refinance your current loan.